KUALA LUMPUR, Sept 22 — Berjaya Land Bhd expanded its net loss to RM250.64 million in the financial year ended June 30, 2021 (FY2021) from a net loss of RM36.84 million in FY2020.

Revenue edged up five per cent to RM5.40 billion from RM5.16 billion previously, contributed by the luxury motor retailer in Britain, H.R. Owen, due to higher new and used car sales with backlog orders fulfillment from the earlier Covid-19 pandemic lockdown in the United Kingdom and the favourable foreign exchange translation effect, it said in a filing with Bursa Malaysia today.

The diversified entity, with businesses including food and beverage, property investment and development, besides lottery, hotel and car dealership operations, said the increase in revenue is also due to the property development and investment business segment, particularly arising from the completion of and the handing over of a mixed development project in Dong Nai, Vietnam.

For the fourth quarter, Berjaya Land posted a net loss of RM126.34 million from a net loss of RM108.54 million in the same period last year, propped up by a higher revenue of RM1.24 billion during the quarter from RM541.58 million in the fourth quarter of last year.

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“The Covid-19 pandemic has resulted in various forms of movement controls including international travel restrictions in many of the countries in which the group operates as preventive or restrictive measures to curb the pandemic.

“The said pandemic has adversely impacted the country’s economy as well as the global economy,” Berjaya Land said.

On future prospects, it said the directors expect the performance of the business operations of the group for the financial year ending June 30, 2022 will gradually move into the recovery phase with the expected opening of businesses soon. — Bernama

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